Making the jump from individual producer to Team Leader can be both exhilarating and unnerving. Exhilarating because you see the potential to go to the next level in your business. You know the best days are yet to come and with a team you will have greater influence while reaching your goals. Scary though, because now people will rely on you for a paycheck and you will be entrusting parts of running your business to other people. It may mean a few sleepless nights where you are wrestling with questions like,"What happens if I fail?" Let's start with the first question usually asked by leaders: How do I know if it is the right time to build my team?
This can be a difficult question to answer because it is not as if you get an email from the business gurus saying, "thou hath reached a point in your business whereas having a team should be done. Therefore, make it so!" I wish it were that easy. The reality is you have to make the decision through careful analysis of both your business and personal life.
Here are a few questions to consider as you ponder the timing around forming a team:
- Do I have the financial resources (accounts receivable, commissions, revenue) to bring on team members?
- Has balancing my personal life and work become a problem?
- Is work impacting my personal health, key relationships, and important areas of my life?
- Have I reached capacity on what I can do alone to grow my business?
- Are opportunities passing me by because I just don't have enough time to seize them?
- Is the quality of my service starting to suffer because my schedule does not allow me to focus on excellence?
- Do the current trends in my industry support expansion and growth?
- Do I feel burned out?
If you find yourself answering "Yes" to the majority of these questions, then it is probably the right time to form a team. Questions like those noted above can be difficult to answer and if that is the case, then consider having a friend or trusted advisor answer these questions for you based on their own observations.
My follow-up post to this one will be on "How" to build your Team once you have determined that the time is right.
Make it a great day!